1. Technical Field
This invention relates to home information terminals and, more particularly, to a portable personal banking system for providing a range of banking information services via an automatically dialed telephone connection from a portable personal banking terminal to a host bank computer.
2. Description of the Related Art
Traditionally, financial institutions such as banks have been stigmatized by humorous anecdotes related to the convenience to customers of obtaining services. For example, the term "banking hours" has been used to describe the limited nine o'clock to two o'clock banking day as well as the hours of any other business which might provide limited customer access. In order to make banking services more convenient, centrally located main offices of banks have provided geographically distributed branch offices to move their services closer to the customer. Furthermore, such innovations as drive-up teller windows and automatic teller machines have extended the hours of service availability. Such enhancements, however, still require the bank customer to travel to the bank or automatic teller machine to receive service.
Since the mid 1970's, there has been a trend toward the application of existing communication facilities for the transmittal and retrieval of information to and from a central source of information and data processing capability. Because of the universality of the switched telephone connection now available in the United States, AT&T, Knight-Ridder Newspapers, Citibank, IBM, CBS and others have experimented with home videotex and teletex services whereby an unintelligent home information terminal comprising a video quality display, a full alpha-numeric keyboard and a microprocessor-controlled interface is automatically connected over the telephone line to a host computer and database. Some of the services provided in such experiments included instantaneous stock quotations, home shopping, and home banking, the latter of these via an auxiliary connection from the host computer to a bank computer also via a telephone line.
Because of the great expense and size of component elements of the home information terminal such as the full alpha-numeric keyboard, video display and microprocessor controlled telephone line interface, such videotex experiments have, for the most part, proven to be commercially impractical. It was generally found that the size and expense of such a home information terminal could not be justified as the cost of intelligent personal computers decreased. Furthermore, personal computers, if equipped with a data modulator and demodulator or modem, now provide access to database service providers including banks, retail establishments, airline reservation systems and others at practically equivalent cost. Nevertheless, the cost of a personal computer is still beyond the budget of many families and cannot be economically justified. Furthermore, even for individuals who may be able to afford a personal computer, it is clear that a large segment of the population simply does not desire to use a computer through their concern for data security, over a user-unfriendly interface, or for other reasons. Consequently, there remains a requirement for a low cost home information terminal which provides a full range of information and data processing services.
As alluded to above, many banks have subscribed to a so-called network or individually provide automatic teller machines at locations convenient to customers which are accessible at all hours. A bank customer is able to obtain currency, for example, from an automatic teller machine at a retail establishment where the customer shops. Once a card bearing unique personal information is verified and account information retrieved, currency may be dispensed directly from the machine to the customer. Furthermore, transaction verification is provided by paper printout of a printer associated with the automatic teller machine. Such automatic teller machines are limited in the type of transaction they are capable of performing, i.e. currency dispensing, are expensive, must be maintained and replenished, and are not portable. Furthermore, those which are associated with a so-called network are inherently slow and are prone to customer disatisfaction.
Yet another solution is exemplified by U.S. Pat. No. 4,625,276 to Benton et al. which discloses a system for funds transfer which comprises a combination telephone and data terminal. The telephone terminal is mated with an intelligent personal card in order to accomplish a banking transaction. Consequently, the disclosure of Benton et al. provides an example of yet another trend toward transforming a plastic card into an intelligent personal terminal which still requires the additional telephone terminal with which it may magnetically or, in Benton et al., optically mate.
Still another solution is represented by the development in the computer industry of smaller sized computers. The so-called laptop personal computer today provides the features of yesterday's full size computers. Furthermore, hand-held personal computers are known which provide programmable personal diary, finance and communication link features, the hand-held unit having a full alphanumeric thirty-six button keyboard and a two line, sixteen character per line display.
In view of all of the above, there still remains a requirement for a portable personal banking system including a portable personal terminal which provides a range of banking services so that a bank customer need not travel any further than the nearest universal telephone jack to obtain service accessible at any hour.